First Solar Announces Full-Year 2018 Financial Guidance
December 05 2017 - 12:59PM
Business Wire
- Net sales of $2.3 to $2.5
billion
- EPS of $1.25 to $1.75
- Ending net cash of $1.6 to $1.8
billion
First Solar, Inc. (Nasdaq: FSLR) today announced full-year 2018
guidance. First Solar’s Chief Financial Officer, Alex Bradley,
provided the guidance and outlook during the Company’s 2017 Analyst
Day event held today at the Company’s Series 6 factory in
Perrysburg, Ohio. In addition to providing the 2018 financial
outlook, Company executives also discussed First Solar’s business
outlook and technology and operations roadmaps. The live video
webcast of the event and related materials are available through
the First Solar Investor Relations website
at http://investor.firstsolar.com/. A replay of the
webcast will be available approximately two hours after the
conclusion of the webcast and can be accessed by visiting the
investor relations website. The replay will remain available for
approximately 90 calendar days.
Forecasted net sales for 2018 are $2.3 to $2.5 billion, with
solar power systems net sales expected to comprise 75% to 80% of
the total net sales and third-party module sales the remainder.
Earnings per share (“EPS”) is forecasted to be between $1.25 and
$1.75. The EPS guidance provided is inclusive of production ramp
costs of approximately $60 million and production start-up expenses
of approximately $110 million, associated with the deployment of
Series 6 capacity in 2018. The EPS range also includes projected
restructuring related charges of approximately $10 million. The
2018 ending net cash balance is projected in the range of $1.6 to
$1.8 billion, with the expected decrease from the end of 2017
resulting from higher projected capital expenditures in 2018 to
support the Series 6 production ramp. As a result of ongoing
improvements, the capital expenditure for a brownfield Series 6
factory is now expected to be approximately $0.25 per watt. The
complete 2018 guidance is as follows:
2018 GAAP Guidance Net Sales $2.3B to $2.5B
Gross Margin %1
22% to 23% Operating Expenses2 $400M to $410M Operating Income
$110M to $170M Earnings per Share $1.25 to $1.75 Net Cash Balance3
$1.6B to $1.8B Operating Cash Flow $100M to $200M Capital
Expenditures $650M to $750M Shipments 2.7GW to 2.8GW 1.
Includes approximately $60M of ramp cost 2. Includes
approximately $110M of plant start-up expense 3. Defined as cash
and marketable securities less expected debt at the end of 2018
About First Solar, Inc.
First Solar is a leading global provider of comprehensive
photovoltaic (“PV”) solar systems which use its advanced module and
system technology. The Company's integrated power plant solutions
deliver an economically attractive alternative to fossil-fuel
electricity generation today. From raw material sourcing through
end-of-life module recycling, First Solar's renewable energy
systems protect and enhance the environment. For more information
about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made
pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements, among other things, concerning: effects on our
financial statements and guidance resulting from certain module
manufacturing changes and associated restructuring activities; our
business strategy, including anticipated trends and developments in
and management plans for our business and the markets in which we
operate; future financial results, operating results, revenues,
gross margin, operating expenses, products, projected costs
(including estimated future module collection and recycling costs),
warranties, solar module technology and cost reduction roadmaps,
restructuring, product reliability, investments in unconsolidated
affiliates and capital expenditures; our ability to continue to
reduce the cost per watt of our solar modules; the impact of public
policies, such as tariffs or other trade remedies imposed on solar
cells and modules; our ability to expand manufacturing capacity
worldwide; our ability to reduce the costs to construct PV solar
power systems; research and development programs and our ability to
improve the conversion efficiency of our solar modules; sales and
marketing initiatives; and competition. These forward-looking
statements are often characterized by the use of words such as
"estimate," "expect," "anticipate," "project," "plan," "intend,"
"seek," "believe," "forecast," "foresee," "likely," "may,"
"should," "goal," "target," "might," "will," "could," "predict,"
"continue" and the negative or plural of these words and other
comparable terminology. Forward-looking statements are only
predictions based on our current expectations and our projections
about future events. You should not place undue reliance on these
forward-looking statements. We undertake no obligation to update
any of these forward-looking statements for any reason. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ
materially from those expressed or implied by these statements.
These factors include, but are not limited to, the matters
discussed in Item 1A. "Risk Factors," of our most recent Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and other
filings with the Securities and Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20171205006212/en/
First Solar InvestorsSteve Haymore+1
602-414-9315stephen.haymore@firstsolar.comorFirst Solar
MediaSteve Krum+1 602-427-3359steve.krum@firstsolar.com
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